Vermilion Energy Reports 2024 Earnings and Gas Discovery

Vermilion Energy ( (VET) ) has released its Q4 earnings. Here is a breakdown of the information Vermilion Energy presented to its investors.

Vermilion Energy Inc., a Calgary-based company, operates in the oil and gas sector, focusing on exploration and production activities across North America and Europe. The company is known for its strategic investments in natural gas and its commitment to sustainable energy practices.

Vermilion Energy reported a significant year in 2024, highlighted by a 6% increase in fund flows from operations to $1.206 billion and a notable European gas discovery. The company also reduced its net debt by over $110 million and returned $216 million to shareholders through dividends and share buybacks.

Key financial metrics included a net loss of $47 million, primarily due to unrealized losses on derivatives and foreign exchange impacts. Production averaged 84,543 boe/d, with a slight increase from the previous year. The company also achieved a major gas discovery in Germany, estimated to contain 68 Bcf of recoverable natural gas, marking its largest European find in a decade.

Looking ahead, Vermilion Energy plans to integrate its recent acquisition of Westbrick Energy, which is expected to boost production significantly. The company aims to maintain a strong focus on debt reduction and shareholder returns while continuing its exploration and development activities.

Overall, Vermilion Energy remains committed to enhancing its production capabilities and financial performance, with a strategic focus on leveraging its global gas portfolio to capitalize on favorable market conditions.